Rule of Three
If you are exploring hosting as a business, you may have come across the basic rule of money management:
The Rule of 3
Dividing your income into thirds creates a solid pyramid for long-term success.
Money to be used right away,
Money for what’s right around the corner,
Money for a rainy day.
The same is true for your inventory. Let’s take linens for an example.
As a basic rule I always have 3 sets of linens for a bedroom:
A first set on the bed to be used by the current guest;
A second set in the laundry for the future guest;
A third set on the shelf as an emergency backup
On the bed, in the laundry, on the shelf. (Bed, Laundry, Shelf)
Saving for a Rainy Day
If all goes well, your rainy day sheets will settle into the rotation and at first glance may seem like a wasted investment.
But like a good utility player in baseball they are always ready to step up in an emergency.
Even if you host only on the weekends and think you have plenty of time to do laundry between guests, it is always a wise idea to invest in backup sheets and towels.
Life Happens
People are people and accidents happen. A spilled glass of wine, an upset stomach and suddenly you are scrambling to replace linens and make your guest feel clean, comfortable and cared for.
Your life happens as well. There is no worse feeling than getting a last minute booking, or having a friend in need, and having no clean linens.
Life is busy and it’s peace of mind to know those extra towels and extra sheets are ready to go.
Think Like Nasa
If you host more than one room or are always booked and turning over your space, think like NASA and consider having a backup to the backup.
Have more than three sets of sheets on hand for each bed. If you can’t invest a lot of money up front, then set a goal and build up your inventory slowly.
The Rule of 3 is a great rule of thumb for more than just finances.
It also applies to sheets, bath towels and supplies; one set in active use, one ready to go, and one backup just in case.
Your rainy day may be right around the corner.
So how do you invest well and choose the perfect sheets that will cover all bases and stand the test of time? We have TIPS for that!